Bank of America Merrill Lynch, Barclays Bank PLC, Citi, J.P. Morgan, Lloyds Bank, NatWest and The Royal Bank of Scotland are the first to offer this enhanced transaction data to Mastercard commercial cardholders
Digital innovation is transforming the way we do business, making existing processes simpler, smarter and faster. Mastercard announced an upgrade to the back office experience for commercial cardholders by providing enhanced data for Amazon Business transactions.
For many businesses, reconciling B2B transactions can be challenging due to lack of robust reporting tools. Goods and services are sourced and shipped from a large number of suppliers, leaving business customers with a tremendous volume of expenses to process and often little information for each transaction.
With this collaboration, mid and large-size businesses now have a more intuitive and transparent way to understand and manage their expenses. A detailed understanding of each line-item, such as item description, price and relevant tax information, for all Amazon Business purchases, helps businesses better track expenses, expedite financial reconciliation and streamline the filing and auditing of expense reports. This product is currently available in Germany, the United Kingdom, and the United States for Mastercard commercial cards issued by Bank of America Merrill Lynch, Barclays Bank PLC, Citi, J.P. Morgan, Lloyds Bank, NatWest and The Royal Bank of Scotland.
“More detailed transaction data helps make doing business easier,” said Jeff Feuerstein, senior vice president, Commercial Products, Mastercard. “Our collaboration with Amazon Business streamlines financial reporting and cuts down on time spent reconciling transactions against statements. It gives our customers a clearer understanding of money spent.”
Companies that enroll Mastercard commercial cards through bank partners are able to:
- View the details, quantities, unit price and tax for individual items they purchase
- See the shipping amounts associated with the financial charge
- Directly update information either in their expense management system or in the Smart Data platform
Mastercard has enhanced Smart Data, its market-leading, expense reporting and analytics suite, to leverage this enriched data to provide new reports and custom reporting tools. This capability is available to enrolled commercial card programs from participating financial institutions. Mastercard Smart Data is used by nearly 250 issuers globally.
Mastercard (NYSE: MA), www.mastercard.com, is a technology company in the global payments industry. Our global payments processing network connects consumers, financial institutions, merchants, governments and businesses in more than 210 countries and territories. Mastercard products and solutions make everyday commerce activities – such as shopping, traveling, running a business and managing finances – easier, more secure and more efficient for everyone. Follow us on Twitter @MastercardNews, join the discussion on the Beyond the Transaction Blog and subscribe for the latest news on the Engagement Bureau.